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WHAT YOU NEED TO KNOW

Maxime Bernier says new venture is People’s Party of Canada

Maxime Bernier has unveiled his new political venture, calling it the People’s Party of Canada. The former Conservative MP who now sits as an independent says he wants the new party to fight for free-market values as well as defend “ordinary citizens” against the power of special-interest groups. He is advocating for the dismantling of the supply management system in Canada’s agricultural industries, but also wants the new party to fight against equalization, speed up the pipeline-approval process and end the “migrant crisis.” (Daniel Leblanc and Laura Stone)

Paul Manafort agrees to co-operate in Russia probe as part of plea deal

In a dramatic turnaround, U.S. President Donald Trump’s former campaign chairman Paul Manafort will co-operate with the federal investigation into Russian meddling in the 2016 election, prosecutors said today. After months of refusing to assist Robert Mueller’s inquiry, Manafort took a plea deal in return for reduced charges. He pleaded guilty to counts of conspiracy against the United States and conspiracy to obstruct justice, becoming the most prominent former Trump campaign official to plead guilty in Mueller’s investigation. Other charges were dropped.

Hurricane Florence crashes into the Carolinas

North and South Carolina were struck today by Hurricane Florence, which is producing large-scale flooding, damaging winds and widespread power outages. The first two storm-related fatalities were confirmed, as police in Wilmington, N.C., said a woman and a baby were killed when a tree fell on their house. Get the latest updates here.

Ontario PCs work overtime to cut Toronto council

Ontario’s Progressive Conservative government is set to hold a rare weekend sitting of the provincial legislature in order to push through its plan to cut the size of Toronto city council, Jeff Gray writes. Among the issues in the continuing battle between Ontario and Toronto are the provincial government’s use of the Constitution’s notwithstanding clause to execute the plan that has been rejected in court, and whether a fair election can be held on Oct. 22 amid the uncertainty. At an emergency council meeting yesterday, Toronto again called on Ottawa to intervene, but Prime Minister Justin Trudeau has reiterated that he would not block Ford’s plan.

How Margaret Wente sees it: “I’m no fan of Doug Ford. I don’t care how many seats there are on Toronto city council, and I don’t think Mr. Ford should be pushing those people around. But I don’t think judges should be pushing our elected representatives around either.”

Meanwhile, Marcus Gee says: “Judges aren’t going rogue or trying to seize power from elected politicians when they rule against a law. They are doing their job.” (For subscribers)

Supreme Court sides with Rogers over illegal movie downloads

The Supreme Court of Canada ruled today that Rogers Communications is entitled to reasonable costs for the steps it takes to identify customers alleged to be associated with illegal downloading or uploading of files protected by copyright. The ruling means that if the copyright holders want to seek a court order to identify those users (necessary to sue them for copyright infringement), the rights holders must cover the cost to internet service providers (ISPs), such as Rogers, of identifying those people, Christine Dobby writes. Privacy advocates argued that if ISPs were compelled to pick up that cost – which Rogers pegged at $100 an hour – it could put individuals’ information at risk, particularly if they adopted automated systems that could lead to mistaken identifications. (For subscribers)

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MARKET WATCH

Canada’s main stock index finished flat today despite gains in the technology sector and among marijuana producers. The Toronto Stock Exchange’s S&P/TSX composite index rose 11.78 points to 16,013.49.

U.S. stocks also ended little changed as financials gained with bond yields, while news that U.S.President Donald Trump instructed aides to proceed with tariffs on about US$200-billion more of Chinese products limited gains. The Dow Jones Industrial Average gained 8.68 points to 26,154.67, the S&P 500 added 0.80 point to close at 2,904.98 and the Nasdaq Composite closed at 8,010.04, 3.67 points lower.

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WHAT’S TRENDING ON SOCIAL

Social media was buzzing today over an essay written by Jian Ghomeshi. The former CBC host, whose high-profile career crashed to a halt after allegations of sexual misconduct became public in 2014, broke his long silence about the matter in a 3,500-word personal essay for The New York Review of Books. “It seems likely that some may see his essay as the work of a man who in important ways remains tone-deaf,” The Globe’s Robert Everett-Green writes.

TALKING POINTS

With Trump weakening, Trudeau can afford to say no

“The Trudeau government can await with anticipation the November midterm elections, which are very likely to produce a Democratic majority in the House of Representatives. With that, chances of Mr. Trump getting a broken-down NAFTA deal without Canada through Congress will be next to nil. Some fear that if Mr. Trudeau doesn’t bend now, the ignitable President will impose his threatened auto tariffs. It’s not going to happen. As irrational as he can be, Mr. Trump will have a light-bulb moment on this one. He won’t go that far.” – Lawrence Martin

Why B.C. needs to kill its tax on vacant homes

“The tax really doesn’t address speculation and it would have unforeseen after-effects. Yes, it would perhaps catch some foreign investors sitting on investment properties, but it would mostly hit people who live in B.C. and pay taxes that support health care and education and the building of vital infrastructure. Why should people who have worked hard, paid their dues and saved to buy a weekend escape in the Okanagan get dinged for that?” – Gary Mason

Ontario’s Ford government backs the investment industry over investors

“Both the Ontario and federal governments have reams of legislation that guide and restrict the financial industry’s behaviour – this isn’t the Wild West. But from time to time, the financial industry wins a battle that it would have cleanly lost if governments were looking out for the interests of consumers and investors.” – Rob Carrick

Aging employees may be a blessing, not a curse

Write the plan knowing it applies to you. Age is the great equalizer, yet is the new form of discrimination in the workplace. Driven by the leaders and culture of the organization, an age-friendly or age-diverse culture is a choice, so plan accordingly. Organizational policies need to reflect what different age groups bring to the table." – Nicole Gallucci, partner, Fuse Marketing

LIVING BETTER

How does paying 6.59 per cent interest on a mortgage grab you? If that sounds high, it should, because Canada’s average five-year fixed mortgage is only 3.47 per cent. Yet thousands of seniors will pay that higher 6.59 per cent in a reverse mortgage, a loan secured against home equity where you make no payments until you move or sell your home. At those rates, a reverse mortgage doubles in size every 11 years. That’s why anyone who needs this kind of loan should first review the alternatives, particularly a home-equity line of credit, if they can qualify for one, Robert McLister writes.

LONG READS FOR A LONG COMMUTE

At $59-million, this Oakville property may be the hardest house to sell in Canada

For sale: beer baron’s dream home on 10 acres of prime Oakville, Ont., waterfront, finished in 2006, featuring private chapel, indoor and outdoor pools, killer views and with a new lower price of just $59-million (marked down from $65-million). That’s how much agents selling Chelster Hall, built by former Interbrew CEO Hugo Powell, hope to get. For most Canadians, that’s an absurd number to contemplate for a single-family home, Shane Dingman writes. So how do you sell a property like that?

“It generally takes a couple years to sell. It’s a combination of patience and ultratargeted marketing,” said Paul Maranger, broker and senior vice-president of sales for Sotheby’s International Realty Canada, who is managing the listing with Christian Vermast. “Our ideal buyer just sold their company for $300-million and they are out shopping. There are very few homes of this magnitude in Canada to begin with in terms of a supply perspective.”

Open this photo in gallery:

Chelster Hall (Moe Doiron/The Globe and Mail)Moe Doiron/The Globe and Mail

Calgary contemplates a more boring future for its boom-and-bust housing market

Could Calgary shed its bad-boy image as a boom-and-bust roller coaster when it comes to housing prices and become boring? Experts say they expect it to, Tim Querengesser writes.

In Canada’s fourth-largest city, home sales continue to trend downward compared with 2017, while home listings continue to grow. But rather than panic, many owners and buyers in the market have kept counting on quick relief, believing Calgary’s next boom will solve their problems. Industry watchers say these hopes, based as they are on a pattern of downturns lasting no more than two years that stretched back into the 1980s, are about to face something of a reality check.

Evening Update is written by S.R. Slobodian. If you’d like to receive this newsletter by e-mail every weekday evening, go here to sign up. If you have any feedback, send us a note.

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